Banks - notify them about adress change?

[bigbite100]

Hello, lets say you now live in Cyprus but still have german bank accounts.
1) Should you let everything like it is or notify them about the new adress?
2) They might cancel the banking relationship then. If you notify them and they will maintain the relationship, will the adress change trigger something? Like a message to authorities about the new adress and so on.
3) If you keep the adress, will this trigger anything? might they think you still live at this old adress?

 

[Sols]

1) Should you let everything like it is or notify them about the new adress?

The technically correct answer to this question is yes. The agreement you signed with your bank includes a clause where you undertake to always ensure the bank knows where you are resident.

2) They might cancel the banking relationship then. If you notify them and they will maintain the relationship, will the adress change trigger something? Like a message to authorities about the new adress and so on.

If you are an EU citizen moving within EU, account closure due to becoming non-resident is very rare.

If you go from being a resident to a non-resident client, you are now in scope for CRS. So you'll just have to tell the bank where you live now and what your new tax ID is, so that they can automatically report your account to the tax authority of your new country.

3) If you keep the adress, will this trigger anything? might they think you still live at this old adress?

If you don't tell your bank, usually one of three things happen.

1. They will not care, not ask any questions, and just let the account be.
2. They eventually ask where you live and ask for proof. This can happen for a lot of different reasons.
3. Overreact and close your account due to you not having told them anything.

I mostly see #2, sometimes #1, and very rarely #3.

 

[bigdaddyleon]

Most German banks have no problem within the EU, only in the EU foreign countries it can come to problem.
DKB and comdirect are very well known to make no problems with residence change.
Customers of mine also use accounts of the Sparkasse with residence in Dubai, also you can rely on the "basic account" under regulations.
https://www.bafin.de/DE/Verbraucher/Bank/Produkte/Basiskonto/basiskonto_node.html

 

[johnwickert]

1. It is advisable to notify your bank about your new address to ensure that you receive all important communication from them without any delay.
2. If you notify your bank about the new address, it should not trigger any message to authorities unless there is a legal requirement to do so. However, if you are unsure, you can check with your bank about their policies regarding such notifications.
3. If you keep your old address and your bank sends communication to that address which is returned as undelivered, it may lead to complications and your account may be frozen or closed. Therefore, it is better to update your address with the bank to avoid any inconvenience.

 

[Mike Forman]

Hello, lets say you now live in Cyprus but still have german bank accounts.
1) Should you let everything like it is or notify them about the new adress?
2) They might cancel the banking relationship then. If you notify them and they will maintain the relationship, will the adress change trigger something? Like a message to authorities about the new adress and so on.
3) If you keep the adress, will this trigger anything? might they think you still live at this old adress?

You are obliged to inform them but as some indicted mention, especially when you move outside the EU, closure of your account might be the outcome.

It really depends on the bank, the country and your relationship with the bank. There was several years ago a big issue with closer of all bank accounts of people in the Netherlands who lived abroad and were not able to keep their bank account in the Netherlands anymore. I'm not sure if this was resolved as many (also were I lived) were affected.

Some of my banks know already for over a decades I don't live there or anywhere near anymore, but I have never changed my address and they never cared.

Personally I would not change it, if you want to keep the account. The worst case is they find out and require you to change which then might lead to closure.

 

[MiltonStone]

When I relocated they quickly asked me for address proof in the new country, if I refused to provide, they closed my account.

 

[JackAlabama]

You are obliged to inform them but as some indicted mention, especially when you move outside the EU, closure of your account might be the outcome.

It really depends on the bank, the country and your relationship with the bank. There was several years ago a big issue with closer of all bank accounts of people in the Netherlands who lived abroad and were not able to keep their bank account in the Netherlands anymore. I'm not sure if this was resolved as many (also were I lived) were affected.

Some of my banks know already for over a decades I don't live there or anywhere near anymore, but I have never changed my address and they never cared.

Personally I would not change it, if you want to keep the account. The worst case is they find out and require you to change which then might lead to closure.

Yah also being mindful of how such an account is operated. Using it for day2day stuff 365 days a year in a foreign land could draw attention.
It can be however used for local investments/payments etc. but be very careful of tax implications which varies again from country to country and needs examination.